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Compound Interest and Depreciation

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Question 38
63%

Melvin invests £5000 in an account paying 2.5% compound interest per annum. Charlie invests £4500 in an account paying 3% compound interest per annum.

Work out the difference between the amount of money Melvin has after 5 years and the amount of money Charlie has after 5 years.

[4]

Compound Interest and Depreciation Questions

  1. GCSE
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  3. /Compound Interest and Depreciation